7-Eleven completes purchase of Tetco assets

Friday, 2 Nov 2012 | 11:57 AM ETThe Associated Press

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DALLAS -- 7-Eleven Inc. said Friday it completed the acquisition of Tetco Inc., which runs 163 convenience stores in Texas and Utah.

The deal also gives 7-Eleven control of Tetco's wholesale distributions. The privately-held company announced the deal in August and did not disclose terms. 7-Eleven had not operated stores in the San Antonio area since 1989, and the purchase also gives it locations around Austin, Dallas-Fort Worth, and in Utah.

7-Eleven will remodel and rebrand most of the Tetco locations over the next year.

It said it plans to open at least 630 new locations in the U.S. and Canada this year. It now operates, franchises or licenses more than 9,400 stores in North America.